Article: EU proposes watchdog to halt flow of dirty money

Article - Media

EU proposes watchdog to halt flow of dirty money

Huw Jones, 20 July 2021

EU policymakers proposed a new agency on Tuesday to stop financial firms from aiding criminals and terrorists after a scandal at a Danish bank highlighted the inadequacy of the bloc’s defences.

Europe came under pressure to step up enforcement of its anti-money laundering rules when several countries began investigating Danske Bank after more than 200 billion euros ($235 billion) of suspicious transactions passed through its tiny Estonian branch between 2007 and 2015.

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Article: EU to name and shame banks that fail to fight money laundering

Article - Media, Publications

EU to name and shame banks that fail to fight money laundering

Jon Ihle, 08 May 2021

The European Banking Authority (EBA) is setting up a centralised database to name and shame financial institutions in the EU that have weak anti-money laundering (AML) controls.

The EBA, which is responsible for creating a single rulebook for bank regulation in the EU, said the new database would be a “key tool” for coordinating the fight against money laundering and terrorist financing. Continue reading “Article: EU to name and shame banks that fail to fight money laundering”

Article: In ‘Cum-Ex’ Crackdown, EBA Tells Supervisors to Look at AML Compliance

Article - Media

In ‘Cum-Ex’ Crackdown, EBA Tells Supervisors to Look at AML Compliance

KYC360, 13 May 2020

EU banking supervisors must investigate Cum-Ex transactions and other dividend arbitrage schemes as part of their reviews of anti-money laundering (AML) compliance programs, the bloc’s banking authority said Tuesday.

The European Banking Authority (EBA) said in a report that recent surveys of the bloc’s AML and prudential supervisors indicate that member-states “do not share the same understanding of dividend arbitrage trading schemes and the extent to which financial institutions’ handling of the proceeds from these schemes constitutes money laundering.” The handling of funds linked to such schemes “is likely to amount to money laundering, irrespective of where the tax crime took place,” the EBA said.

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